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Record the transactions by the cost method

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Question - Ellison Company's balance sheet shows:

Common stock, $20 par $5,000,000

Paid-in capital in excess of par - common stock 6,250,000

Retained earnings 2,350,000

Total S/H Equity $13,600,000

Required - Record the following transactions by the cost method:

a. Ellison Co. bought 12,000 shares of its own common stock to be held as treasury stock at $38 a share.

b. Ellison Co. sold 5,000 treasury shares at $40 a share.

c. Ellison Co. sold 6,000 treasury shares at $35 a share.

Reference no: EM133154459

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